LPBS Securities IPO: 141.86M Shares at 30,000 VND, Targets Top Growth

Overview

LPBS Securities (LPBS) has announced its initial public offering (IPO) plan for Q2 2026, offering 141.86 million shares at 30,000 VND each to raise approximately 4,200 billion VND. The company targets top industry growth with 2026 revenue of 3,800 billion VND and pre-tax profit of 1,700 billion VND, positioning itself among the top six securities firms by market capitalization post-listing.

Key Facts

• LPBS will offer 141.86 million shares at 30,000 VND per share in Q2 2026, aiming to raise 4,200 billion VND.
• Post-IPO charter capital is expected to reach 14,086 billion VND, with equity approaching 18,000 billion VND.
• 2025 revenue was 1,687 billion VND (+775% YoY), and after-tax profit exceeded 522 billion VND (+550% YoY).
• 2026 targets: revenue of 3,800 billion VND (+125% YoY) and pre-tax profit of 1,700 billion VND (+160% YoY).
• Total assets reached nearly 30,000 billion VND by end-2025, up 500% YoY; assets under management (AUM) stood at nearly 72,000 billion VND.
• Post-IPO leverage ratio is 1.6x, below the industry average of 2.4x, indicating room for margin lending expansion.
• Medium-term goals (2026-2028): top-1 growth, top-5 market cap, top-3 ROE, and top-3 underwriting.

What Happened

LPBS Securities officially disclosed its IPO plan, confirming the offer of 141.86 million shares at 30,000 VND each during the second quarter of 2026. The company expects to raise 4,200 billion VND, increasing its charter capital to 14,086 billion VND and equity to nearly 18,000 billion VND. The announcement was made via a company press release on May 19, 2026.

Chairman Nguyen Duy Khoa emphasized that the 2026 targets are non-negotiable and backed by detailed implementation plans, while acknowledging that longer-term projections for 2027-2028 are subject to market volatility. The company aims to become the fastest-growing securities firm in Vietnam, with a market capitalization ranking among the top five by 2028.

Market Context

LPBS is currently listed on UPCOM. The Vietnamese securities sector has seen intense competition in technology, capital scale, and asset management capabilities. LPBS’s rapid growth from a smaller base positions it as a high-growth outlier, with 2025 revenue growth of 775% far exceeding the industry average of ~36%. The IPO comes at a time when the VN-Index has been volatile, but capital raising activity remains robust.

Strategic Significance

The IPO provides LPBS with substantial capital to expand its core margin lending business, given its low leverage ratio of 1.6x versus the industry average of 2.4x. The company’s focus on technology and asset management, evidenced by AUM of nearly 72,000 billion VND, suggests a strategy to capture market share from larger incumbents. Achieving top-3 underwriting status would require significant investment in investment banking talent and client relationships.

What to Watch

• Final IPO pricing and subscription demand, especially from foreign investors.
• Q2 2026 earnings release to gauge whether the 2026 revenue and profit targets are on track.
• Changes in leverage ratio post-IPO as the company deploys new capital into margin lending.
• Market share data in brokerage and underwriting segments over the next 12 months.
• Any strategic partnerships or acquisitions that could accelerate growth.